Perpetual wins TRU vote
The shareholders of The Trust Company (TRU) voted in favour of Perpetual’s proposal to acquire the business at the group’s Scheme Meeting on Thursday, knocking out rival bids from Equity Trustees and IOOF Limited. Close to 80 per cent of eligible TRU shareholders voted in favour of the scheme resolution. A second court hearing to
November 28, 2013
Agitating for independence
Genesys Wealth Advisers member firm Treysta Wealth Management has gained its own Australian Financial Services Licence and is in negotiations to leave the AMP-owned dealer group after three years. AMP owns a minority interest in the Sydney-based firm which is in the process of buying back AMP’s stake. The terms of the agreement are confidential,
November 26, 2013
Rising PI claims boost premiums: DUAL
Specialist underwriting agency DUAL has reaffirmed its commitment to the Australian market but will be increasingly selective with the financial planners it provides professional indemnity cover to, as premiums across the advice industry rise. DUAL national manager, Financial Lines, Jayson Symonds confirmed the group’s appetite for insuring financial planners had changed in the last six
November 26, 2013
A year in review and looking ahead
With the end of the year approaching, there will be conversations over Christmas drinks about the new government, unexpected legislative changes, mergers, business comebacks and failures and the like. Some events have been more compelling than others. To mark the end of 2013 and the beginning of 2014, Connect Financial Service Brokers has created a
November 26, 2013
Get your head into the global game
Peter Dorrian says it will pay to keep an eye on global uncertainties in coming months as investors look for a guide to the strength of the global economic recovery. Domestic issues have absorbed much attention in Australia for the past couple of months – the election, falling interest rates and slowing growth, to name
November 26, 2013
Keeping it classy: Planning a better Christmas party
Focus on your core values to have a better Christmas party, says Martin Mulcare. As 2013 rapidly comes to an end, many of you may be thinking about how your business might celebrate the end of the calendar year – or the beginning of a new one. I am fascinated by the wide range of
November 26, 2013
Tucker in line for Murray Inquiry
Speculation is rife that former chief executive of NAB Wealth & MLC Steve Tucker will pop up on the Financial System Inquiry’s four-person committee, which will be announced in mid-December. Tucker, who left NAB in March after 25 years, declined to comment on the matter but said he was keen to make a contribution to
November 22, 2013
Don’t mess with planners: FPA
The Financial Planning Association has issued an impassioned plea to the government and the newly-appointed head of the Financial System Inquiry, David Murray, not to impose further regulation on the financial advice industry. FPA chief executive Mark Rantall welcomed the recent release of the Inquiry’s draft terms of reference but said the financial planning industry
November 22, 2013
Large licensees falling behind: AltaVista
Institutionally-aligned dealer groups are miles behind independently-owned groups when it comes to the adoption of exchange traded funds, despite growing investor and adviser demand for ETFs, according to boutique ratings house, AltaVista Research. Michael Turner, head of sales and corporate development for AltaVista Research, said many of the traditional master trusts and wrap accounts used
November 22, 2013
More legislative change ahead
The tax and compliance rules surrounding superannuation will change in the future, just as they have regularly changed in the past. There are some rules that relate specifically to SMSFs although over the last 20 years there have only been a few changes that have targeted, and impacted the scope of, SMSFs. The good news
November 22, 2013
Lambert cements plans for Countplus Mark 2
Listed accounting consolidator Countplus has finalised the business model for its sister company C+2 and brought the new company’s proposed listing date forward one year. Countplus executive chairman Barry Lambert said C+2 would implement a three-pronged strategy which involved Countplus acquiring an initial 30 per cent interest in large accounting firms, paid for with cash.
November 21, 2013
ASIC grilled at Senate Committee
The Australian Securities and Investments Commission was slammed for its slow pace and lack of transparency when dealing with rogue financial planners at the latest Senate Economics Legislation Committee meeting on Wednesday. During the 90 minute session, ASIC chairman Greg Medcraft fielded a barrage of questions from Nationals Senator for New South Wales John Williams
November 21, 2013
